MANILA – The proceeds from Vista Land & Lifescapes Inc.’s recent borrowing has increased to P4.8 billion, a company official said.
"We did a notes issue two months ago. There's a 60-day window for banks to come in. Another bank got an application for another P300 million," Ricardo Tan, Vista Land chief financial officer, told reporters.
In April, the property firm owned by the family of Senator Manuel Villar raised P4.5 billion from an unsecured corporate notes issuance, which was oversubscribed. It initially targeted P3 billion.
BDO Capital & Investment Corp. and Investment & Capital Corp. of the Philippines managed the transaction.
The proceeds will be used to refinance debt and for general corporate purposes.
The property developer’s planned capital expenditure outlay is projected to exceed P15 billion for 2012, and is meant for house construction, land development and land banking initiatives.
Vista Land expects its Camella brand to help driver profit and revenues by 20 percent, hitting record levels of P4.2 billion and P16 billion, respectively.
Besides Camella, its other brands are Brittany, Crown Asia, Communities Philippines and Vista Residences.
source: interaksyon.com
